a tax rate on a house with a $350,000 taxable value is 9 mills per thousand dollars of assessed valuation. what is the annual ta

Question

1 year ago

13

x bill?

1 answer:

topjm [15] · Answer 1 · 2023-09-23T22:48:38+03:00

The annual tax bill will be $3150.

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national.
Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.
In economics, taxes fall on whoever pays the burden of the tax, whether this is the entity being taxed, such as a business, or the end consumers of the business’s goods.
From an accounting perspective, there are various taxes to consider, including payroll taxes, federal and state income taxes, and sales taxes.

The house tax on the house is $350,000

now, the taxable value is 9 mills per thousand dollars of assessed valuation

then, the annual tax bill = house tax × taxable value

the annual tax bill = $350,000 × 9/1000

the annual tax bill = $3150

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